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HomeGoods Leads Divisional Comps As TJX Earnings Beat Wall Street

Tuesday November 19th, 2013 - 1:08PM


For the third quarter ended November 2, The TJX Companies, Inc. posted net income of $623 million versus $462 million in the year-prior period. Diluted earnings per share were 86 cents— or 75 cents excluding a one-time tax benefit— compared with 62 per diluted share in last year’s third quarter.

Earnings per share beat a Thomson Reuter’s analyst average estimate by a penny.

Consolidated comparable store sales increased 5% in the third quarter year over year, according to the company, while net sales increased 9% to $7 billion. Comps at the HomeGoods division increased 10% and those at Marmaxx, including T.J. Maxx and Marshalls, gained 4%. Comps at TJX Canada advanced by 2% while those at TJX Europe increased by 5%

Carol Meyrowitz, TJX CEO said in comments on company results, “We are very pleased that our strong momentum continued in the third quarter. Our 21% increase in adjusted earnings per share and 5% consolidated comparable store sales growth were both well above our original plan and achieved over strong comparisons last year. We believe these robust results demonstrate, once again, our ability to succeed in all types of economic and retail environments. We are raising our full-year guidance to reflect our third quarter performance. The fourth quarter is off to a good start, and we see exciting opportunities for this holiday selling season. We have great initiatives planned and will be shipping fresh gift-giving selections to our stores throughout the holiday season. We expect our marketing campaigns will be seen by more people than ever before, and, as always, we will be offering consumers extreme values on great fashions and brands. Longer term, we see tremendous potential ahead for TJX, and we remain very confident in our ability to continue driving substantial top- and bottom-line growth.”